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My friends who haven’t made a payment since 2008? Still own the place.
Banks are in no hurry to recognize the loss, they can borrow all the money they want for 0% interest, and no one else wants them to lend them the money anyway, so why should they recognize the loss when it costs them nothing to let it sit.

This is the main reason the shares of the big banks have fallen by about 25-30% in the last few weeks. Nothing has really changed, but suddenly investors again seem to recognize that the banks’ balance sheets are a bunch of bunk. They are still carrying wildly inflated values on their books for millions of delinquent loans which, if properly valued, leave them tens of billions of dollars short. There is no quick fix for this.

Yeah, that’s called the Zombification of banks, like Japan in the 90s-naughts.
Banks are shored up by the government from all sides. They move around like actual living entities, but they cannot function in a normal environment.
If they went back to normal business they’d fall apart limb by limb.
But then again, bankers do not care, as long as they still have taxpayer bonus/brains to eat.

130 postponed sales that I looked at last week.
Banks are best at “kick the can down the road” lets postpone all these August sales into September and deal with it then.
They must have learned that trick from Goverment. Kick the can down the road and let the next guy worry how to pay for all these debts we have run up